Freeport Investors Drop Plan To Block $9B Deal

Law360, Wilmington (March 22, 2013, 5:01 PM EDT) -- Freeport-McMoRan Copper & Gold Inc. shareholders challenging the mining company's $9 billion acquisition of two energy exploration firms told a Delaware judge Friday they will not move to hold up the impending deal, believing their derivative suit will benefit from additional discovery.

In a letter to Vice Chancellor John W. Noble, the Freeport shareholders said that while they initially intended to seek a preliminary injunction blocking the billion-dollar buy, they had determined their derivative claims would be best presented after their investigation was complete.

“While a...
To view the full article, register now.